New retirement village regulations coming your way

Operators in other states have been asking us about the new regulations in NSW - what are they, and will they be adopted by other governments? The Retirement Villages Amendment Bill 2018 was passed in NSW Parliament in November. The changes come into effect 1 July. In summary the amendments are:

• annual contract ‘check-ups’ to give residents clarity about their financial position
• free, on-site mediation by Fair Trading to help with the timely resolution of issues
• rules of conduct and penalties for operators breaching the new laws
• annual evacuation exercises, a village emergency plan and key safety information for residents
• an asset management plan for capital items available to prospective and current residents
• appointment of auditors to be approved by residents
• enhanced reporting requirements for operators.

The annual check-up is an interesting one. It is not mandated; the resident or their family must ask for it. It will require a lot of preparation work and time with each resident – not to mention skills. Village managers will require training. You can check out the detail HERE.